According to Christoph Rieche, co-founder and chief executive of small business finance firm Iwoca, he believes other countries are catching up.

He said:

The U.K. is not going to fall off a complete cliff, but we are the number one and we want to build the lead against the rest – and we are losing that race. We are letting others catch up when we should be running ahead.

Other countries that could potentially step on the U.K.’s toes as the next global FinTech hub include Singapore, New York, Silicon Valley, and Hong Kong.

Cyberattack Risks on the Rise

Of course, there are many obstacles that could potentially remove London from the top spot; however, the fact that the Bank of England is taking steps now means that the city has a better chance of retaining its lead position in the future.

It’s unlikely that cyberattacks will ever stop being a threat to a country, but the measures in place ensure it has an improved opportunity to prevent cyberattacks from taking place in the future.